Hey guys, I am a 24yr old CCC transfer student who got accepted into UC Davis
My EFC is 0 because I was able to file independent. I seem to have been awarded some great aid but they are still quoting me 8,500 to pay out of pocket. I’ve been trying to find a way around taking out the 5k subsidized loan they offered me.
I have 20,800$ in university grant and 5,800 in a pell grant. It also says 3,000 expected in self-help since I’m eligible for work-study.
The school quotes 16,000 in “Room & Board and Personal Expenses” but I found out that I can cut out atleast 5k by opting out of a meal plan while still living on-campus. That means I won’t have to take out that 5k loan maybe?
I don’t think I’ll spend the quoted 1,600 on books, I won’t be spending anything on gas because I’ll be biking everywhere and I plan on cooking.
Assuming I get a job, is it viable to think that I survive my first year at Davis without a loan? I’m not sure if I’m thinking about this correctly.
How much savings do you have? Can you pay for your groceries/cell phone/bike repairs while you look for a part-time job and while you wait for that first paycheck?
This loan would give you a cushion. You aren’t obligated to spend it all. It can sit in the bank until you need it. Maybe this year, maybe next year. If it is subsidized, that means you won’t owe any interest until after you graduate or leave college. So you can use as little as you need for starting-up-life-in-Davis, and then pay back whatever is left over before interest starts to accumulate.
You also aren’t obligated to borrow this loan immediately. If you find that you need it later in the year, you can borrow the money then.